"While we recognize the continuously growing digital marketplace and the challenges traditional brick and mortar retailers face, the reality is that consumer demographics are also changing," said Richard Baum, ACG New York board member and Managing Partner of Consumer Growth Partners. "Of particular interest is that 33 percent of those surveyed are concerned about spending habits of Millennials, many of whom prioritize experiences over purchasing material items."
Unanimously, those surveyed predict loss of market share for traditional retailers due to the rise of e-commerce. Furthermore, 41 percent indicated that in order to remain relevant, companies need to improve their overall shopping experience for consumers.
"ACG members have consistently provided useful and impactful insights into the future market activity," said David Hellier, ACG New York President. "According to our survey, it is clear that our members recognize the paradigm shift towards digital and the importance of connecting with the consumer, as 35 percent indicated failure to adapt to the digital marketplace will be the biggest challenge facing traditional brick and mortar companies in today's retail environment."
On November 1, 2016, ACG New York will be holding its Annual Consumer & Retail Conference from 3:45pm - 8:30pm ET at the Fashion Institute of Technology, Jay and Patty Baker School of Business and Technology, Pomerantz Building, Katie Murphy Amphitheatre, 227 W. 27th Street, New York City. For more information about the conference, please visit here.
This survey was conducted online and at ACG New York events on behalf of ACG New York throughout September 2016 and October 2016. There were a total of 65 participants who work in the middle market.
About ACG New York
ACG® New York, Inc., the founding chapter of The Association for Corporate Growth, is the largest association of middle market deal making and corporate professionals in New York, with more than 1,000 members across all industry sectors. ACG New York facilitates long-term relationship building, driving middle-market growth. ACG's members are focused on investing private capital, which benefits the pension funds held by municipal, fire, police, health and other workers who provide years of service for the public good.
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SOURCE ACG New York